Renters insurance is highly underrated and often overlooked. So when we came across this blog Jeff Gitlen wrote, originally published on the LendEDU blog, we just had to share his straightforward explanation and research on just how little a policy actually costs (HINT: it’s about the cost of a pizza!). When disaster strikes, having a renters insurance policy in hand can be helpful – read on for more!

At a Glance:

The average cost of renters insurance across the United States can change depending on where you live and how much coverage you need. Given the low cost – on average about $16 per month – and high value, a renters insurance policy can be a wise investment for renters.

Some people feel strongly that renting an apartment or home is a more cost-effective choice than purchasing a home. Part of this thought is that with most rental properties, the owner or property manager is responsible for the ongoing maintenance and safety of the home.

While true, damage, theft, fire, or weather disasters can also become a significant financial burden to the renter. This is because the property owner is only responsible for covering the physical dwelling, not necessarily the contents of the home – like the renter’s personal belongings.

As a renter, having the right renters insurance policy is the best way to cost-effectively protect yourself and your things from unforeseen events. The average cost of renters insurance is relatively low, and having it in place can offer peace of mind against damage or loss.

However, before selecting a renters insurance policy, it is important to understand what is covered, the strength of the insurance company, and of course, the cost.

What is the Average Cost of Renters Insurance?

In the United States, the average cost of a renters insurance policy is just under $16 per month, or $188 for the year, according to the most recent data compiled by the Insurance Information Institute. The current cost is not much different from the cost of a renters insurance policy 10 years ago, and the most recent average is slightly lower than the previous year. However, renters insurance premiums vary from state to state, and several factors can affect the cost.

Factors That Affect the Cost of Renters Insurance

The most important factor in determining the cost of a renters insurance policy is your location. Areas of high crime, natural disasters, or other prevalent claim causes can require a higher monthly or annual premium than areas with fewer issues. Additionally, premiums may range from state to state as well as from rural to metropolitan areas. In most cases, renters insurance costs more in areas where there are more people.

Also, the cost of a renters insurance policy is specific to your coverage needs and desires. If you have high-dollar items inside your apartment or house and include them in your renters insurance policy, your premium is likely to be costlier. Similarly, if you have a claims history with a previous insurance company you may pay more for coverage.

You may also add on additional coverage, such as additional liability insurance, to a renters policy. Doing so will increase the cost of insurance; however, keep in mind that liability insurance could come in handy in certain scenarios where basic coverage is insufficient. While there is an increase in cost, there is likewise an increase in the safety net of coverage.

Average Renters Insurance Premiums by State

As mentioned previously, the area where you live plays a role in how much you pay for renters insurance coverage. For most policies, insurance companies charge more in areas where natural disasters are more prone to take place, or in urban areas where crime may be higher. However, contrary to popular belief, the cost of living does not have much impact on your premiums. The states with the highest and the lowest renters insurance premiums annually, according to the Insurance Information Institute, are listed below as a guide.

Highest Premiums by State

Here are 10 sates with the highest average premiums on renters insurance:

Mississippi: $262 per year

​Louisiana: $249 per year

​Alabama: $242 per year

Oklahoma: $242 per year​

​Texas: $241 per year

Tennessee: $210 per year

​Michigan: $203 per year

​New York: $202 per year

​Massachusetts: $196 per year

South Carolina: $192 per year

Lowest Premiums by State

Here are 10 states with the lowest average premiums on renters insurance:

North Dakota: $114 per year

​Wisconsin: $132 per year

Minnesota: $144 per year​

​Iowa: $146 per year

​Maine: $147 per year

Montana: $147 per year

​Nebraska: $149 per year

​Utah: $149 per year

​New Hampshire: $150 per year

Vermont: $155 per year

Bottom Line

With premiums ranging between $15 and $30 per month, securing renters insurance is one of the most affordable coverage options for those renting an apartment or home. Compared to homeowners insurance, which can exceed $1,000 per year, renters insurance is cost-effective protection against damage, theft, and other disasters that may create financial loss.

Before getting renters insurance to help cover your personal belongings, be sure to comparison shop between insurance providers. Not only does your location, claims history, and specific inventory of material items come into play in pricing renters insurance, but the insurance company you select makes a difference as well. It is important to get quotes from more than one insurance provider and compare the coverage amounts, limitations, and premiums before choosing a policy.

Our Front Porch helps out at the Windermere Apartment Fire Disaster Assistance Center, passing out free undies and socks, building a list of cilents needing services, and educating people on what long term recovery looks like. Click image for video (OFP is at 1:09!)

Coming into this internship, I did not know what to expect. I had little to no clinical experience, I had never worked with the ‘short term’ homeless population nor clients who had severe trauma, and I honestly did not know how to do case management, let alone effective case management. However, while being a part of this organization, I learned how to do all of this and so much more. I learned that trauma can manifest in completely different ways within the same disaster, and that people are the most resilient when something tragic happens to them. From clients that have anxiety and depression, to clients that just want to move on; they are all resilient and deserve help. Another thing that I learned is that I am so irritated with how our society is ran. These types of clients (short term homeless) get little to no assistance through resources through in communities; why you ask? Because these people are physically not living on the street; per the homeless requirement in Denver, so they do not meet the criteria for government aid.

While working at Our Front Porch I have been able to hone some really useful skills, but one thing seems to stick out the most. Our Front Porch has given me an outlet to truly understand the difference between sympathy and empathy. Some people see these words as synonyms, but they are quite different. There are four words that I would consider to be related, but distinguishable: pity, sympathy, empathy, and compassion. Sympathy and empathy tend to be the two ideas that are intertwined the most. I would argue that empathy includes a component of connection and emotional intelligence that only comes from practice.

Maggie’s Perspective

As one of my favorite Phish lyrics states, “I see the path ahead of me and in a minute I’ll be free”.

I am now free and living the so-called American Dream. It has been two months since I joined OFP full time and it is amazing. I work for myself, make my own hours and have no one telling me what to do.

I have worked very hard my entire career and have been focused on getting to this place. I’ve developed clinical programs, managed a variety of professionals, and am confident in my work surrounding disaster survivors. Heather and I have worked together for several years and have our flow down.

Heather’s Perspective

I can honestly say that I have been looking forward to Maggie being full time at OFP for a long time – probably even longer than she has. I knew we needed to get to this point for a thousand different reasons, but mainly because I knew I couldn’t do it alone. As the one with the more flexible schedule for the last 2 years, I was the one who kept this ship sailing on a daily basis. Now, that is not to say the ship was moving in the right direction. It was just staying afloat.

Maggie and I have always talked daily about OFP, but it was typically me throwing out a few ideas and asking her input on what was a priority. She is a natural leader and can see the big picture way more clearly than I can. I get stuck in the weeds over the smallest details and always looked to her to put me back on course. It’s the perfect partnership. So what could possibly be difficult about us working together full time?

Part 2

Guest Blogger: Taylar McCoy, Our Front Porch 2017-2018 Intern

In my most-recent blog post, I wrote about the fact that until I began working with Our Front Porch, I had no idea just how difficult it is to become totally stable after living in that type of unstable environment. The difficulties of trying to save money and start fresh, all while searching for house and looking for a job, are magnified with you’re also trying to support children or a family. And unfortunately, there are other factors that make the recovery process so difficult to navigate.

https://ourfrontporchco.org/wp-content/uploads/2018/02/homeless-2.jpg543802Heather Korthhttps://ourfrontporchco.org/wp-content/uploads/2016/07/OFP_Logo_new-2-300x203.pngHeather Korth2018-02-09 14:28:292018-04-27 09:47:0510 Things No One Tells You About Being Homeless

Part 1

Guest Blogger: Taylar McCoy, Our Front Porch 2017-2018 Intern

As a child, I remember riding in the back of a friend’s parent’s car on a brisk day where our breath fogged up the windows. We were driving through the heart of the city in Pittsburgh, Pennsylvania. As we were covered in goosebumps, we pulled up to a red light where we saw a woman with a cardboard sign. After reading the sign describing her situation, and her two kids, my friend’s dad proceeded to say “why can’t she just go get a job like the rest of us? There’s no excuse to be homeless.” We drove past the woman and didn’t give her a second glance. As I grew up in the more rural outskirts of the city, I tended to start to share a similar mentality. I would often think about how if I see “now hiring” signs in windows everywhere, why are there so many homeless people?

https://ourfrontporchco.org/wp-content/uploads/2018/02/seeking-human-kindness.jpg355474Heather Korthhttps://ourfrontporchco.org/wp-content/uploads/2016/07/OFP_Logo_new-2-300x203.pngHeather Korth2018-02-07 10:46:192018-02-09 14:34:2110 Things No One Tells You About Being Homeless

Every person in the United States faces struggles on a daily basis. From running out gas, to losing a credit card; the human race struggles in every aspect of life. But what happens when a natural disaster hits and you lose everything you own and love? Would you be able to pick up and move on, know what to do, or be able to function soundly? I know in my personal life, I would not be able handle the most basic of everyday tasks. People are resilient and can handle so much, but sometimes they need help in this crisis period. I say this, because this is what I do in my internship: I help individuals who have lost everything due to a natural disaster.